Hindustan Oil Exploration Company Ltd clarifies on stake sale by KMPs

- They have sold 751,500 shares of the company in order to raise the resources to pay for perquisite tax that will arise on exercise of the Employee Stock Options granted to them, which is now being exercised.

- The Employees Stock Option Scheme of the Company under which they were awarded the stock options has since been terminated and no further options are outstanding as on date.

- Both Elango and Jeeva have exercised all stock options granted to them and the applicable perquisite tax will be paid by the individuals forthwith to the Company which will be remitted to tax department as Tax Deducted at Source by the Company in full compliance of the applicable tax laws.

- Both of the Key Managerial Persons have no plans and will not engage in any further stock transaction of the Company in near future.

- Management is fully committed to drive the long-term growth of the Company and is currently focussed on executing B80 development project to deliver First Oil from this western offshore oil field.

Shares of HINDUSTAN OIL EXPLORATION CO.LTD. was last trading in BSE at Rs.95.2 as compared to the previous close of Rs. 100.25. The total number of shares traded during the day was 15043 in over 265 trades.

The stock hit an intraday high of Rs. 99.65 and intraday low of 95.2. The net turnover during the day was Rs. 1455749.